❓SO......WHY?❓ In this series of posts, we will be adressing some of our most frequently asked questions. Giving you some clarity as to how IDS can help you and your organisation with your surplus asset disposal! ❓"For operational and logistics reasons we send our disposals to auction. Why would we need your services?"❓ In our considerable experience many surplus producers are primarily focused on their core product or service and less likely to maximise the potential, or conversely, adequately recognise the hazards associated with disposals. In practical terms this usually means: 1. All surplus, regardless of commodity, is sent via the same disposal route or auction house. 2. The client relies on the marketing capability of the auctioneer to attract the correct sphere of bidders and extract best value. 3. Buyers and Sellers premiums charged by auctioneers have escalated in recent years along with additional costs of logistics, marketing, and presentation. The result is a far lower return to the asset owner. 4. Auctioneers often sell the majority of surplus to dealers and traders and not to the end-user market. It is universally recognised by some bidder groups that auction results can be manipulated. 5. Quality and valuable surplus is often destroyed for fear of consequences that can easily be mitigated. 6. Accountability is compromised as the client often loses visibility of the chain of custody through resellers. Stock that is free of traceability is an opportunity for internal corruption, tax evasion, and money laundering. Essentially, IDS minimises cost and maximises return by turning all the above on its head. We choose a commodity specific disposal route utilising only the best marketing platforms. We minimise costs of sale by selecting the most efficient disposal methods and maximise return by selling to end-user markets where we can. We have significant experience of working with national and international government bodies where accountability has been key. We can ensure that all statutory regulation and corporate policy is enacted and guaranteed on the downstream sale. If you have any other questions, or would like to arrange for an appraisal of your current disposals procedure, please send us a message or call on +44 (0) 7891 640 307 You can also find lots more information on our website www.i-disposals.com #AssetDisposal #StrategicAssetManagement #Auctioneers #BetterReturn #CircularEconomy #ESG #IntelligentDisposalSolutions
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While investors are still mesmerized by last week’s ‘Powellian’ rate cut, September's 2-year Treasury auction was set at $69 billion, the same size as the previous auction. The yield stopped at 3.52%. Indirect bidders softened slightly but remained elevated, awarded 67.6% of the sale vs. 69% in August, yet still above the six-auction average of 66.8%. Direct bidder takedown increased incrementally to 19.6% vs. 19.1% at the August sale. Primary dealers were left with 12.8% of the issue, marking the second consecutive rise in primary dealer take, which had bottomed in July at 9%. The bid-to-cover ratio of 2.59x was the softest since May's 2.41x, signaling lower overall auction demand.
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After an ugly 10-year auction that confirmed only the financially reckless bankers would lend to the US government for 10 years at a yield below 4%, the Treasury sold $25 billion in the 30-year August refunding sale. Stopping at a high yield of 4.314%, the auction, which matched last month’s size in 30-year paper, saw the lowest yield since January’s 4.229% and was down sharply from July’s 4.405%. Like last month, today’s auction tailed by a substantial amount, with the When Issued trading at 4.283%, marking the biggest tail since November.
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In a week with no major economic reports/events, todays 10 Yr Treasury Note auction was the most important. The auction came and went with little impact to the market. The auction resulted in a 4.483% yield vs. a 4.473% when issued yield…that means that investors wanted a little more yield to buy what was sold. The amount of $ bids were 2.49 times the amount offered for auction which has been the average. All in all, this auction didn’t hurt or help and we’ll keeping rolling along with the lesser impactful economic reports this week and the remaining Fed speakers and look forward to next week when we get some more important reports including CPI and Retail Sales on Wednesday.
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T-Bill Auction Alert October 2, 2024 The local money market is flush with liquidity following a large dividend payout by the State Bank of Pakistan (SBP) (SBP) to the government. In a surprising move during the previous auction on September 18, 2024, the government rejected all bids. This action led to a sharp decline in yields, setting a bullish tone across the market. Secondary market yields have dropped significantly, down by 2-3% since the last auction. Key yields are: - 3-month: 15.62% - 6-month: 14.47% - 12-month: 13.34% - 3-year: 12.14% - 5-year: 11.98% - 10-year: 11.89% Today’s auction saw participation of Rs860bn, with the government raising Rs244bn, slightly below its Rs250bn target, and against Rs341bn in maturities. Once again, the government rejected 3-month bids. The cut-off yields were: - 6-month bond: 14.3980% - 12-month bond: 13.7350% This downward shift in yields is a clear reflection of lower inflation expectations, signaling optimism for potential easing of monetary policy in the near future. State Bank of Pakistan (SBP)
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𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 2.0: 𝗧𝗶𝗺𝗲 𝗶𝘀 𝗠𝗼𝗻𝗲𝘆 A directive issued on September 18, 2024, by the Bangladesh Securities and Exchange Commission (#BSEC) regarding the Primary Auction process of Bangladesh Government Treasury Bonds (#BGTB) represents a step backward for investors. BGTB investors are highly time-sensitive due to the nature of these securities. The new directive unfortunately extends the application processing time and increases the risk of missing an auction. 𝗣𝗿𝗲𝘃𝗶𝗼𝘂𝘀 𝗣𝗿𝗼𝗰𝗲𝘀𝘀: BGTB Primary Auctions at Bangladesh Bank (#BB) are held every Tuesday. At Midway Securities Ltd., clients initiated the auction process on Sunday (T-2) by 1 PM, informing us of their intention to participate and funding their BO accounts. Our team verified applications on Sunday and transferred funds to our designated Broker's Member Dealer (MD) Bank account. MDs participated in the Tuesday morning auction at BB. We received confirmation of successful participation by Wednesday, and clients received their BGTB securities in their BO Accounts by the following Sunday. A key advantage of this system was the automated generation of a Business Partner Identification Number (#BPID) through API integration between BB and #CDBL. Clients could initiate the auction application on one Sunday and receive securities the following Sunday, with the BPID automatically generated. 𝗡𝗲𝘄 𝗗𝗶𝗿𝗲𝗰𝘁𝗶𝘃𝗲: The new directive adds uncertainty and extends the process by three days: 1. Investors must now express their auction intention on Thursday (T-3) by 12:00 PM, without requiring immediate fund availability. 2. Brokers must verify client BOID data and inform CDBL of auction intentions by 3:00 PM Thursday. 3. CDBL performs due diligence and forwards data to BB (no specified cutoff time). 4. Before the week’s auction, BB creates BPIDs for eligible BOIDs by Sunday and informs CDBL, which then notifies brokers (no specified cutoff time). 𝗞𝗲𝘆 𝗜𝘀𝘀𝘂𝗲𝘀: 1. Timing Uncertainty: Brokers may receive the eligible client list late on Sunday, leaving little time for client fund transfers and subsequent transfers to MD Banks before Tuesday's auction. 2. Increased Risk: Clients may be unable to participate in Tuesday's auction due to potential data or fund transfer issues, despite expressing interest the previous Thursday. 3. Client Hesitation: Clients may be hesitant to commit funds without assurance of eligibility, potentially leading to decreased participation. They also need to decide on Auction participation 3 days earlier from current procedure. To be fair, BSEC does offer an alternative solution: allowing clients to deposit directly into the MD Bank operated by the broker. However, this introduces additional complications for brokers, such as potential fund reconciliation errors and increased costs. At Midway Securities, we prefer clients deposit funds directly into their BO accounts to maintain clear and accurate accounting.
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T-Bill Auction Result (16-Oct-24) In today's T-bill auction, SBP raised 716bn against the target of PkR400bn. Yields remained relatively flat, with the 6-month paper falling by 5 bps only. Market Treasury Bills - Auction Result Current Auction Result (16-Oct-24) Cut-Off Yields 3M: 15.2994% 6M: 14.3430% (-5 bps) 12M: 13.7350% (0 bps) Weighted Average Yield 3M: 15.0639% 6M: 14.1545% (-8 bps) 12M: 13.6409% (14 bps) Previous Auction Result (02-Oct-24) Cut-Off Yields 3M: Bids Rejected 6M: 14.3980% 12M: 13.7350% Weighted Average Yield 3M: Bids Rejected 6M: 14.2330% 12M: 13.4976%
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Topline Alert - PIB (Fixed) Auction Result Sep 19, 2024 After rejecting T-Bills auction yesterday, Government has raised Rs83bn against target of Rs200bn in todays fixed local currency bond/PIB auction. This clearly shows government improving liquidity position. As a result, drastic fall was seen in yields with 3-Year bond now at 12.9%, 5-Year bond at 13.4% and 10-Year bond at 13.2%. This is down 190-335 basis points from previous auction. 2 year zero coupon bond issued for the first time at cut off yield of 13.98% far lower than expectations. Interestingly in last 1 year this bond rally has resulted in 3 year bond yield falling from 21% to 12.9%, 5 year is down from 18% to 13.4% while 10 year is down from 16.6% to 13.2%. Regards, Topline Research
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The power of online auctions in today's business landscape is transforming asset liquidation. Our latest blog post examines how digital platforms offer sellers unprecedented reach and improved returns. From national buyer reach to data-driven insights, the advantages are clear. At Grafe Auction, we've seen these factors often result in higher sale prices and quicker turnarounds. Intrigued? Read the full article on our website to explore how online auctions could benefit your organization: https://lnkd.in/ggEf3zes How has your company leveraged digital platforms for asset sales? What successes or challenges have you faced? Share your experiences and let's discuss the future of asset liquidation. #BusinessStrategy #AssetManagement #DigitalTransformation
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Bunker Holding A/S subsidiary AuctionConnect, the longest-established player in the digital bunkering space, sees a 'new era' for digitalisation emerging as regulations and process modernisation drive uptake of online services. #marinefuels Per Funch-Nielsen https://lnkd.in/epWtG47C
